SECURED TIME NOTE - NOTE PART OF SERIES
For value received, __________, of ____________________ (address), __________ (city), __________ County, __________ (state), referred to as maker, promises to pay to the order of __________ (payee), of __________ (address), __________ (city), __________ County, __________ (state), or __________ (his or her) successors and assigns, referred to as holder, at __________ (address), __________ (city), __________ County, __________ (state), on __________ (date), in lawful money of the United States the sum of __________ Dollars ($__________), with interest at the rate of __________ percent (__________%) per annum.
1. Series of Notes. This note is one of a series of notes, all of like tenor, except as to amount, issued and to be issued by maker.
2. Prepayment. Maker reserves the right at any time to prepay, in whole or in part, the principal or interest owing on any or all of the issued and outstanding notes of this series.
3. Reference to Security Agreement. This note is secured by a security agreement between maker and __________ (payee), dated __________, and the maturity of this note may be accelerated as provided in that security agreement.
4. Record of payments. Receipt of all payments on account of principal and interest of this note that may be made by maker prior to maturity shall be endorsed on the reverse side of this note.
(Signature of Maker)
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